Cyprus the world’s weakest housing market

THE influential Global Property Guide recently published the findings of its global house price survey covering forty two locations around the world ranging from Iceland to New Zealand.

According to its survey, Cyprus was the worst performing housing market globally during the year to Q2 2013, with house prices in the capital, Nicosia, plummeting 12.74%; the country ‘s biggest house price fall in recent years.

Greece came second in the list of the world ‘s worst performers, with house prices dropping 11.12% during the year to Q2 2013 – a slight improvement from the 12.73% year-on-year drop seen in Q2 2012.

Although house prices in some countries have improved sharply, the twelve weakest housing markets in the Global Property Guide global survey were all in Europe.